AP News

News Summary: Elan to explore sale of company

FOR SALE: Irish drugmaker Elan Corp. PLC said Friday it will explore a possible sale of the company while its board continues to fend off a hostile takeover bid from Royalty Pharma.

WHO'S INVITED: Elan said Royalty can participate in Elan's sale process, but it wants shareholders to steer clear of Royalty's latest bid.

ABOUT THAT BID: Royalty said last week that it will pay $13 for each Elan share plus up to $2.50 per share in payments based on performance milestones. Elan's board has rejected that bid and said it received interest from other parties it hasn't named.

The Good Business Issue
blog comments powered by Disqus